Cypriot depositors could face 80 per cent haircut

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Peter Spence

Speaking to state broadcaster RIC Cyprus' finance minister Michalis Sarris said that large depositors (those with over €100,000) with Laiki bank may face a haircut of up to 80 per cent and might not get a payout for six to seven years. Sarris said that "realistically, very little will be returned".

If you invested €100mill. with Bernie Madoff 5 yrs ago,you would still have €79 mill.If you deposited it in Laiki Bank,you now have €20 mill